BidaskClub Downgrades CorVel (CRVL) to Buy

BidaskClub downgraded shares of CorVel (NASDAQ:CRVL) from a strong-buy rating to a buy rating in a research note issued to investors on Wednesday morning.

Shares of CRVL stock opened at $55.10 on Wednesday. The firm has a market cap of $1.03 billion, a P/E ratio of 26.83 and a beta of 0.61. CorVel has a 12 month low of $46.45 and a 12 month high of $61.20.

CorVel (NASDAQ:CRVL) last announced its quarterly earnings results on Tuesday, July 31st. The business services provider reported $0.62 earnings per share for the quarter. CorVel had a net margin of 6.78% and a return on equity of 23.42%. The firm had revenue of $150.40 million during the quarter.



In related news, VP Michael Saverien sold 1,200 shares of the business’s stock in a transaction on Thursday, August 2nd. The shares were sold at an average price of $57.00, for a total value of $68,400.00. Following the completion of the sale, the vice president now directly owns 6,346 shares of the company’s stock, valued at $361,722. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, major shareholder Corstar Holdings Inc sold 4,741 shares of the business’s stock in a transaction on Friday, August 24th. The shares were sold at an average price of $60.30, for a total transaction of $285,882.30. Following the completion of the sale, the insider now directly owns 7,121,322 shares of the company’s stock, valued at $429,415,716.60. The disclosure for this sale can be found here. Over the last three months, insiders sold 98,522 shares of company stock valued at $5,833,788. 51.40% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Legal & General Group Plc lifted its position in CorVel by 4.7% in the second quarter. Legal & General Group Plc now owns 21,784 shares of the business services provider’s stock valued at $1,173,000 after acquiring an additional 979 shares during the last quarter. SG Americas Securities LLC raised its holdings in shares of CorVel by 66.0% in the second quarter. SG Americas Securities LLC now owns 3,446 shares of the business services provider’s stock valued at $186,000 after buying an additional 1,370 shares during the last quarter. Russell Investments Group Ltd. raised its holdings in shares of CorVel by 1.7% in the third quarter. Russell Investments Group Ltd. now owns 104,601 shares of the business services provider’s stock valued at $6,300,000 after buying an additional 1,707 shares during the last quarter. Raymond James & Associates raised its holdings in shares of CorVel by 17.4% in the second quarter. Raymond James & Associates now owns 13,495 shares of the business services provider’s stock valued at $729,000 after buying an additional 2,002 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of CorVel by 0.3% in the first quarter. Dimensional Fund Advisors LP now owns 791,983 shares of the business services provider’s stock valued at $40,035,000 after buying an additional 2,156 shares during the last quarter. 44.99% of the stock is owned by hedge funds and other institutional investors.

About CorVel

CorVel Corporation provides medical cost containment and managed care services to address the medical costs of workers' compensation benefits, automobile insurance claims, and group health insurance benefits. The company offers network solutions, including automated medical fee auditing, preferred provider management and reimbursement services, retrospective utilization review, facility claim review, professional review, pharmacy services, directed care services, medicare solutions, clearinghouse services, independent medical examinations, and inpatient medical bill review.

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